Mohave County miner., 1887-12-03
The Impending Crash I'm Southern
California.

Charles NordhOf, a special correspon-
dent OF the New York Herald, in letter
to that paper from which We quote, says
in reference to the California boom:
The state OF the case is deplorable, and
the reaction and failure destined soon 10
succeed to this senseless craze will bring
on one Of the most wide.reaching financial
crises ever known in the United States.
He fortiies his opinion by quotation
from the Sacramento Record Union, which
particularly refers to Los Angeles as an
illustration OF the craze. II says:
We do not believe that the 60,0A0 acres
Immediately adjoining Los Angeles, which
has been divided up into town lots,
can maintain town site values with less
than 100000 OF population. The "city"
OF San Diego embraces nearly 10000
acres. Applying the computation OF %
persons to the acre, ,80N 900 will be re-
quired TO maintain town site property
values over this vast extent OF land
Every earnest, sober and patriotic con
sideration urges protest against this
condition. II can not result otherwise
than disastrous to the best and trues'
interests of the people OF the State. 1t il
being promoted unqnestionably by reaI
estate boomers, brokers and agents who
have personal, pecuniary motives in view
But convincing as Mr.. Nordhof's
statements may be to sober, thinking
people, We need not rely entirely on them
in showing up the threatening condition
OF financial affairs in and around Los
Angeles. Is it not rather curious and
astonishing that even the press Of thai
city should once ia a while furnish ut
with items the full significance OF which
in connection with our predictions, cannot
be underestimate? Only few weeks
ago we find the Los Angeles Times (thC
boomiest OF the city's boomer organs
calling attention in gleeful language tc
the fact that despite all pessimistic fore
casts the people OF the "Angel city" had
! within the past three months, redeemed
ten millions OF dollars OF deferred pay
ment obligations, out Of total Of fifty
millions OF dollars, which would mature
by the end of January, 1888. Now, What
is the meaning Of such statement
Bankruptcy, we say, pure and simple.
Applying this same condition OF affair
to an individual, or a mercantile firm
let them have obligations to meet
amounting to fifty millions of dollars
| and the time, where each month about an
equal part Of these obligations become
due, would extend over a period Of six
months. What percentage Of the in.
debtedness should be paid off during the
first three months? According to the
Times twenty per cent, but according to
honest business usage fifty per cent. But
in the midst OF speculative craze and land
fever honest business usages become a
thing OF the past, and dismal facts become
perverted TO subserve the dishonest and
foul purpose Of clique OF unscrupulous
robbers and thieves, who, parading under
the name OF real estate agents, are not
only inveigling the ignorant masses from
the far away East into squandering their
hard earned money by investing the same
in worthless land schemes, but who also
drag beautiful California into a current oi
panic, financial disaster and retrogression
such as even the South did not experience
either during or after the war.-Silyer
Belt,